Laws that are passed that either require or forbid certain behaviors are examples of command-and-control policies
a. True
b. False
Indicate whether the statement is true or false
True
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The change in a firm's total revenue that results from hiring an additional worker is measured by the
A. average revenue product. B. marginal product. C. marginal revenue. D. marginal revenue product.
The present value of a promise to pay $5,000 every year forever when the prevailing interest rate is 10 percent equals
a. $5,000 b. $50,000 c. $100,000 d. $250,000 e. $500,000
Which of the following items is included in U.S. GDP?
a. the estimated value of production accomplished at home, such as backyard production of fruits and vegetables b. the value of illegally-produced goods and services c. the value of cars and trucks produced in foreign countries and sold in the U.S. d. None of the above is included in U.S. GDP.
If the Ricardian equivalence proposition is correct, then an increase in the deficit will lead to
A) an increase in private saving. B) a decrease in investment spending. C) a lower standard of living in the future. D) all of the above E) none of the above